UBS faces an uphill struggle today to convince investors it can achieve midterm goals that include making Sfr15bn (€11.2bn) in annual pretax profit, following its investment bank's money-losing third quarter, analysts say.

The Zurich-based bank has made considerable progress since it faced investors last November, returning to overall profitability, stemming withdrawals from wealthy clients and putting a messy US tax evasion probe into offshore accounts largely behind it. Still, investors aren't yet convinced that chief executive Oswald Grübel's success so far in turning the bank around is enough to hit the goals he has set.